Unfortunately no, there is no special tax break for starting an LLC for federal income tax purposes but there is a NY state incentive program (
START UP NY
) that you may be eligible for depending on the location and type of business.
Additionally, as long as your LLC was started during the tax
year and was in business to make profit, then you will be able to deduction all
related business expenses from the time the LLC started business until the end
of the calendar year.
If LLC treated as disregarded entity then you have a
Schedule C filing that is attached to your personal income tax
return. You would be able to enter the LLC expenses regardless of if you
have LLC income.
Once you have signed
into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My
Return"), type "Schedule C" in the search bar then select
"jump to Schedule C".
If LLC treated as a separate entity, then you will
have a business return filing (1065, 1120, 1120S) and will need to use
TurboTax Business to filing this LLC business information. (You
will need TurboTax Business, you can purchase a downloadable copy here
). You would
receive a K-1 and your report your K-1 information on your tax return.
